Regulatory and Legislative

IRS Provides Indexing for Employer Shared Responsibility Payments

The IRS has issued Revenue Procedure 2023-17 announcing the 2024 indexed adjustments to the amounts used to calculate employer shared responsibility payments under Internal Revenue Code Sections 4980H(a) and 4980H(b)(1). 

An applicable large employer is liable for a shared responsibility payment under 4980H(a) if they fail to offer minimum essential coverage to 95 percent of full-time employees (and dependents) and at least one full-time employee receives a premium tax credit for purchasing coverage through the Marketplace. An employer is liable for a shared responsibility payment under IRC section 4980H(b)(1) if the coverage they offer is not affordable or does not provide minimum value and at least one full-time employee receives a premium tax credit for purchasing coverage through the Marketplace.    

Amounts for 2024 are as follows

  • the penalty under 4980H(a) is increased to $2,970 per full-time employee, and
  • the penalty under IRC 4980H(b)(1) is increased to $4,460 per full-time employee who receives the premium tax credit through the Marketplace.

Regulatory and Legislative

IRS Announces Deadline Relief for Texas

IRS Announces Deadline Relief for Texas

The IRS has announced the postponement of certain tax-related deadlines for victims of Texas severe storms, straight-line winds, tornadoes, and flooding.